Sydney houses expected to dip below $1m

Property analysts from Domain expect Sydney's median house price to drop below $1 million by June, falling below the mark for the first time since mid-2015.

Sydney buildings

Analysts suggest it's a case of back to the future for Sydney house prices, as homes dip below $1m. Source: AAP

Real estate analysts expect the average price of a home in Sydney to drop below $1 million within the next three months.

Domain property data released on Tuesday put the median value of a house in Australia's biggest city at $1,027,962 - a drop of 3.1 per cent over the quarter and 11.5 per cent in the last year.

"If the pace of quarterly decline remains, prices are likely to dip below $1 million in the coming quarter," Domain researcher Nicola Powell said.

Sydney's average house price first broke through the $1 million barrier in mid-2015, with values peaking in mid-2017 and then tumbling 14.3 per cent to the present, according to Domain figures.

The Domain House Price Report also stated Sydney median unit prices fell two per cent over the March quarter and dropped 6.5 per cent over the last 12 months to a three-year low $696,935.

The report said Melbourne house prices fell 2.4 per cent over the quarter and 10.4 per cent over the year to $809,468, while units slid 2.9 per cent over the quarter and 8.3 per cent over the year to $466,892.

Dr Powell said the decline in Melbourne prices eased during the first three months of the year, recording the smallest quarterly slide since June 2018, but the falls in value broadened geographically across the city.

The quarterly data pointed to houses in Brisbane falling 1.1 per cent to $563,666 and units dropping 3.7 per cent to $372,852.

"Unit prices (in Brisbane) are 9.6 per cent below the mid-2016 peak, with buyers now able to reap the benefits of purchasing at 2013 prices," Dr Powell said.

The report recorded flat house prices and a 2.1 per cent fall in units in Adelaide during the quarter while Hobart house prices rose 3.1 per cent over the same time period as its units increased 2.6 per cent to $363,418.


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Source: AAP

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